I have to say. I have been and still am a novice at this “blogging thing” but I think I have been learning a thing or two. I took an online seminar, sorry webinar, about blogging and online presence and although it was only an hour, I think I learned quite a bit.
I hope to keep my blog lively and full of information so that you readers out there in cyberspace will find the blog and find it interesting. I look forward to sharing
Many Americans are in the process of fighting with their bank or mortgage lender dealing with loan modifications. Most of these Americans are losing too. I have heard many stories about banks never sending paperwork, telling your approved for a program but never actually able to get you qualified. New programs rear their ugly head and homeowners are starting the process over again.
Americans are throwing their hands up and pitching in the towel.
Well, not all is lost and these people do not have to give up. They do have an option. File a complaint with the Federal Trade Commission. The FTC was originally designed to break up trusts during the Wilson years. However, as time has passed, the FTC has stood as the organization that can fight big corporations that have deceptive, fraudulant practices that are unfair to the American consumer. The FTC reported in 2009 that there were a cumulative 32,442 complaints against banks or lenders. These reportings only accounted for about 2% of complaints. If Americans continue to fight the battle and lose against the financial institutions, file a complaint with the FTC and see if they will step in and save the American public from the financial monsters.
The president announced a plan to funnel $1.5 B to housing agencies in Arizona, California, Florida, Michigan and Nevada. The plan is designed to help the states that have been impacted the most over the downturn in the real estate market and rising unemployment rates.
Florida currently tops the nation in loan defaults with more than 20% of all mortgages that are seriously delinquent or in foreclosure. The idea is that although this amount is a drop in the bucket, that it will encourage states to think creatively and find solutions to the struggles in the housing market.
The Making Home Affordable Program has struggled to help unemployed homeowners who can not qualify for modifications based on their income. It is also an attempt to tackle the thorniest issue to come from the mortgage meltdown – how to cope with homeowners in upside-down loans.
The $1.5 B is coming from the Troubled Asset Relief Program (TARP) and can be used to help negotiate with lenders to write down mortgages on underwater loans. The money will be distributed to states based on a formula that considers home price declines and unemployment.
The hopes are this new program can help the states that are in the most trouble based on local conditions.
From: Liz Pulliam Weston
Thirty years ago, first-time home buyers were often encouraged to stretch as far as they possibly could to buy a house. Back then, that advice made some sense but, today, it can be a recipe for disaster.
A too-big house payment can, at the very least, leave you with too little money for other goals: retirement, vacations, college funds for the kids. At worst, it can leave you vulnerable to foreclosure and bankruptcy. What’s more, you can’t count on your real estate agent, a mortgage loan officer, your friends and family or an Internet calculator to know what you can really afford. That’s a decision you have to make yourself after reviewing your finances, your future obligations, your goals and your gut. Yet many first-time buyers still find themselves pushed into mortgages that are bigger than they can handle, based on old-fashioned advice.
Here’s what’s changed in the 30 years (or more) since your parents bought their first house:
1. Inflation. Rapidly rising prices in the 1970s and early 1980s meant you could count on hefty annual raises. Today, you can’t rely on double-digit income boosts to make your mortgage payment less of a burden each year.
2. Two-income couples. A generation ago, single-income families were more common. If the breadwinner lost a job, the other spouse could go to work to save the house. With more two-income families needing both paychecks to make the mortgage payment, there’s no one on the sidelines to take up the slack — unless you put the kids to work.
3. The lending industry. Thirty years ago, it was pretty tough to get a mortgage for more than you could really afford. While lenders have learned their lesson after years of “liar loans’ and other easy-money tactics, they sometimes still push, knowing that the vast majority of their borrowers will do whatever it takes to pay their mortgage — even if it means trashing the rest of their financial lives.
4. Retirement. A much bigger proportion of the work force was covered by traditional, defined-benefit pensions 30 years ago — which means they didn’t have to save massive amounts of money on their own to have a decent retirement. Today, the onus is typically on you to carve enough out of your budget to fund 401k’s and IRAs.
So how much should you spend on a house?
The traditional way to calculate that is to add up all your income and make sure that your housing expenses — mortgage payment, homeowners insurance and property taxes — don’t exceed a certain amount of that total. The traditional limit, still used by many lenders, is 28% of gross monthly income. Some financial advisers recommend capping your outlay at 25%; others suggest stretching to 33% or more.
All that math making your head hurt? Here’s the short version: You’ll probably be most comfortable using the 25% lid. You may want to go even lower if:
1. You plan to have children. Kids can be expensive, and many couples discover they want to have the option of one partner staying home or working part-time once kids arrive. That’s tough to do if you need every penny of both incomes to make ends meet. If you really want to be conservative, do your calculations based on the income you think you’ll have post-baby.
2. You have an expensive hobby, like travel. Most homeowners are willing to put their wanderlust on the backburner to buy more house. If that’s not you, buy less house.
3. Your income varies considerably. Most American workers have variable incomes, thanks to the prevalence of overtime pay and bonuses (and, these days, pay cuts and reduced hours). If yours swings wildly from year to year, though, consider basing your calculations on your average earnings over several years or (even more conservative) on the minimum you expect to make.
The Brevard Cultural Alliance presents the Art of Sand from April 2-May 1 of 2010. These works of art will be unveiled on April 2 and on display in the City of Cape Canaveral near the Radisson Resort at the Port. There will be artists from nine different countries participating and they will convert 80 tons of sand using only water into magnificent works of art.
Each weekend there will be professional and amateur events to coincide with the festival. Families and children can also try their hand at sand sculpting during the event. There will be food, drinks and different entertainment during the month-long event.
For more information, you can check out the Art of Sand website.
The major life blood of the Space Coast is pumping forward and on schedule for the next space shuttle launch. Kennedy Space Center is currently on all systems go for a 4:39 AM launch of the space shuttle endeavour. Weather could pose to be a problem so it will be watched as always but there is a 80% probability that the shuttle will launch on schedule.
The space shuttle’s mission is to visit the international space station and deliver a third connecting module, the Italian-built Tranquility node and the seven window cupola that will be used for robotics on the space station. For updates on the launch or the mission, you can click the Local Info links under my picture to Kennedy Space Center and visit the countdown clock as well as get mission statistics.
STS-130 – Let’s all hope its a GO!!!
Cute home in Titusville looking for you. The home is located on 4475 Alpine Lane and it is just North of Highway 50 opposite of Sisson. The home is not a short sale and could close quickly. First time buyers will still have time to qualify for the tax credit. The home has three bedrooms, two bathrooms and a two-car garage. The home has 1183 living square feet and 1750 total square feet. The backyard is fenced and the home includes all the appliances. It was built in 2004 and all it needs is you. You can get more information from the Brevard MLS using ID#546620. $99,999 – check it out for yourself and see this great buy.
The year has started out stronger in Brevard County, Florida. Obviously this is the start of the year and one month can be a simple blip. Hopefully these trends will start and continue throughout the year.
*New Listings are down from January 2009-(12.71%)
*Sold Listings are flat from January 2009- +.42%
*Volume Sold is up from January 2009- +8.45%
*Average Sale Price is up from January 2009- +8.01%
Listings are down from the previous year and transactions and average sales price are up from the previous year. It is the beginning to a new year that could be exciting. Here is what is selling in Brevard County, Florida in average sales price:
$0-$49,999 – 78 units sold (16.2%)
$50K-$99,999 – 121 units sold (25.1%)
$100K-$159,999 – 116 units sold (24.0%)
$160K-$199,999 – 52 units sold (10.8%)
$200K-$249,999 – 40 units sold (8.3%)
$250K-$299,999 – 26 units sold (5.4%)
$300K-$399,999 – 26 units sold (5.4%)
$400K-$499,999 – 10 units sold (2.1%)
$500K+ – 14 units sold (2.9%)
49% of all homes sold in Brevard County were priced between $50,000 and $160,000. This is likely a result of many first time homebuyers in the market as well as homes that are in depressed prices in foreclosure and short sale situations.